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Ma Jun

China’s Richest Man Visits Iceland

Ma Yun, the owner of Alibaba e-commerce company, visited Iceland yesterday. According to Bloomberg’s Billionaires Index, Ma is the richest person in China and one of the richest individuals in the world.

Alcoa Fjarðaál aluminum smelting plant

Chinese to Fund New Smelter in Northwest Iceland

Icelandic company Klappir Development and China Nonferrous Metal Industry’s Foreign Engineering and Construction (NFC) signed a declaration of intent on the building of an aluminum smelter in a planned industrial area at Hafursstaðir in Skagabyggð, Northwest Iceland, in Reykjavík on Tuesday.

Former chair of Kaupþing Sigurður Einarsson.

More Kaupþing Execs Jailed

Sigurður Einarsson, former chairman of Kaupþing Bank, has today been sentenced to one year in prison in the so-called 'big market manipulation case' at the Reykjavík district Court. Hreiðar Már Sigurðsson was also found guilty, but was not sentenced on top of the existing prison term he is...

gavel as used in courts

Defendants in SPRON Case Acquitted

The former CEO of the savings bank SPRON Guðmundur Örn Hauksson and former board members Ari Bergmann Einarsson, Margrét Guðmundsdóttir, Ásgeir Baldursson and Rannveig Rist were acquitted of charges of breach of trust in Reykjavík District Court this morning.

Björgólfur Thor Björgólfsson.

Landsbanki Shareholders to Sue Björgólfur Thor

A group of shareholders in the collapsed bank Landsbanki believe that they can prove how the bank’s former owner Björgólfur Thor Björgólfsson deceived them, causing financial damage to 25,000 shareholders. They have established an interest group to take Björgólfur to court.

Fishing boats

New Markets for Icelandic Mackerel?

Icelandic mackerel might soon be sold to Asia, according to the director of the seafood company VSV in Vestmannaeyjar (the Westman Islands) Sigurgeir Brynjar Kristgeirsson. “We search the world for new markets. We have primarily found them in Southeast Asia and sold mackerel to China and...

Landsbankinn

Call for Foreigners to Own Icelandic Banks

It would be beneficial to have at least one trusted foreign owner of an Icelandic bank, according to a prominent economics professor. Existing laws on ownership of financial companies should ensure that foreign ownership proved positive, whereas it is not a good idea for the pension funds to...

Glitnir

Claimants of Collapsed Banks Accept Terms

The claimants of the collapsed Icelandic banks have agreed to the conditions introduced by the government of Iceland in order to guarantee economic stability when the capital controls—which have been in place since the banking collapse in 2008—will be lifted.

A cargo ship with containers.

Busy Day at Sea

Yesterday was a record-breaking day in the seas around Iceland, with around 850 ships and boats on the Coastguard radar system at midday.

Icelandic bakery

Dog Days for Reykjavík Bakery

For 85 years Björnsbakarí bakery has made the bread for Bæjarins bestu iconic Reykjavík hotdog stands. However, from September 1, the bakery Gæðabakstur/Ömmubakstur will bake the hot dog bread for Bæjarins bestu after the bakery made the company a better offer.

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